Nigerians are fuming as they grapple with an unprecedented surge in inflation, which reached a staggering 31.7% in February 2024. The economic strain on its citizens is becoming increasingly unbearable and a new report titled “The Price Is Everything” from SBM Intelligence does a great job of tracking the trajectory taken by inflation for a number of products. Essential commodities, from soap to fuel, have witnessed alarming price hikes, sometimes soaring by over 150% within a year.
Faced with skyrocketing costs for necessities, Nigerians have been forced to adopt various coping strategies to navigate the turbulent financial landscape. The SBM Jollof Index, a poignant barometer of food affordability, paints a grim picture of the nation’s plight. Between October 2023 and March 2024, Nigeria experienced one of its worst food crises, with the price of bread—a dietary staple for many—skyrocketing by an alarming 81%….
Source: Guardian Newspaper
